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TJ, Esq.
TJ, Esq., Attorney
Category: Bankruptcy Law
Satisfied Customers: 11634
Experience:  JD, MBA
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as of today i can no longer pay my credit cards which total ...

Customer Question

as of today i can no longer pay my credit cards which total about 3,000.00. i need to know if they can take my house or truck and if they can put a lien on them.                                          ;                                         &nb sp;  please!
Submitted: 8 years ago.
Category: Bankruptcy Law
Expert:  TJ, Esq. replied 8 years ago.
Hi. I'll try to help if I can, but I need to know your state since the laws regarding this sort of thing varies by state.

Thank you.
Customer: replied 8 years ago.
i live in san bernardino county, california. i forgot to ask yesterday if the creit card people can take my social security or pension. i told the credit card people that i will pay them but i can only start at $5.00 and try to up it as i get back on my feet. they refused it but i'm gonna do it anyway.               thank you   Customer
Expert:  TJ, Esq. replied 8 years ago.
Hi again. Thank you for coming back to me with your state.

In California, a creditor can put a lien on a person’s real estate and vehicle depending on the value. California allows a homeowner to exempt $50,000 of the equity in his primary residence (more if you’re married, over 65, or disabled). This means that if your house is worth $200,000, and you owe $150,000 on your mortgage, then the creditor cannot put a lien on the house and force a sale. If the house were worth $210,000, however, then the creditor could put a lien on the house for the $10,000 that represents the amount over the $50,000 of exempted equity.

Similarly, you can exempt a vehicle that is worth $1900. Beyond that, the creditor can put a lien on it and force a sale.

The creditor probably cannot take any part of your pension (although it depends on what kind it is), and your social security is safe because federal law prohibits any sort of levy or garnishment.

If the information that I provided was helpful, please remember to ACCEPT my post as that is the only way I will receive credit and compensation for my answer. Thank you and good luck!

DISCLAIMER: Please understand that the complexities of most legal problems cannot be sufficiently addressed in this setting. Accordingly, my post is intended as general information only, and should neither be construed as specific legal advice, nor as an adequate substitute for the retention of legal counsel.